You’ll never guess which Canadian city is seeing record price gains (Hint: it’s not Toronto)

It’s no surprise that Canada is home to some of the world’s hottest housing markets. But one city has seen a huge surge in prices over the past year — and it’s not Toronto.

According to the Knight Frank Global Residential Cities Index — an index that tracks the price growth of the world’s most expensive housing markets — Hamilton saw a 11.3 per cent year-over-year jump in prices last year, placing it at number 17.

It’s the latest indication that the housing market is poised for huge growth in coming year.

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“Limited inventory was reported in Hamilton-Burlington…as first-time buyers, especially those interested in single detached homes, ventured outside the GTA,” reads a recent report from RE/MAX INTEGRA. “At one point, one in every four buyers in Hamilton-Burlington was from the GTA.”

According to RE/MAX, Toronto buyers looking for more affordable options have been making their way over to Hamilton, causing home prices in the area to more than double in the last 10 years.

But Hamilton isn’t the only Canadian city to top the index. Vancouver jumped up to the fourth spot this year, as its prices ballooned upwards in the second half of 2017.